Saudi CMA imposes fine on each board member of Abdullah A.M. Al-Khodari Sons

The fine imposed amounted to $26,665

  
Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

Getty Images

Saudi Arabia’s Capital Market Authority (CMA) has imposed a fine of 100 thousand Saudi riyals ($26.67 thousand) on each board member of Abdullah A. M. Al-Khodari Sons Company during the period 31/03/2019 to 07/05/2020G.

The CMA said in a statement that the penalty was imposed due to the violation of paragraphs (i) and (r) of Article (213) of the Companies Law and paragraph (9) of Article (22) of the Corporate Governance Regulations.

“Where they did not approve the Company’s annual financial statements for the period ending on 31/12/2018 G., which entailed a neglect in performing the duty of publishing the Company’s financial statements to date,” the statement said.

In February, there were reports stating that the cash-strapped Saudi construction company is aiming to raise its capital by up to 458 million Saudi riyals ($122 million) to settle payments to vendors and its major shareholder Abdullah A M Al Khodari Sons Investment Holding Company.

(Writing by Gerard Aoun; editing by Seban Scaria)

( gerard.aoun@refinitiv.com )

#Saudi Arabia #CMA #Company # Abdullah A.M. Al-Khodari Sons

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. 

© ZAWYA 2020


More From Markets